Since 1977, Jon Michael Probstein has assisted people and businesses in all matters. In accordance with the Rules of Professional Conduct, this may be deemed "Attorney Advertising". Nothing contained herein should be construed as legal advice. Always consult a lawyer regarding any matter. Call 888 795-4555 or 212 972-3250 or 516 690-9780. Fax 212 202-6495. Email jmp@jmpattorney.com

Monday, April 3, 2017

CHILD CUSTODY AND THE IRS

From the IRS website:

"Question: Are child support payments deductible by the payer or can the payer claim a dependency exemption for the child?

Answer:

No, child support payments are neither deductible by the payer nor taxable income to the recipient.

However, the payer of child support may be able to claim the child as a dependent:

The child is the qualifying child of the custodial parent, and the custodial parent is generally allowed to claim a dependency exemption for the child, if the other tests for claiming the exemption are met. The parent with whom the child lived for the greater part of the year is the custodial parent for income tax purposes.

The noncustodial parent may claim an exemption for the child if the special rule for a child of divorced or separated parents (or parents who live apart) applies. This requires in part, that the custodial parent sign a Form 8332, Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent, or a substantially similar statement. The noncustodial parent must attach it to his or her return."

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Jon Michael Probstein, Esq.

About Me

Since 1977, my practice consisted of representing and assisting people and businesses in all matters, including public and private corporations, on both a civil and criminal level. My services have included public offerings, proxy fights, securities regulation, all phases of civil and criminal litigation, family law, estate law, guardianships, negotiation and drafting of a wide variety of agreements and transactions, in addition to general advice with regard to the customs and practices within various industries. I was also a Guest Commentator on COURT TV and an arbitrator. I am admitted to practice in New York and the federal courts, Southern and Eastern District, as well as the Second Circuit Court of Appeals. Currently, I am special counsel to law firms in Los Angeles and New York, as well as operating my own office in Nassau County. I regularly perform pro bono work for the Volunteer Lawyers Project, Nassau/Suffolk Law Services, Inc. and the NYS Unemployment Insurance Appeals Board and I am a member of the LAP Committee of the Nassau County Bar Association. I also have a blog that discusses common legal problems which you can visit at http://jmpattorney.blogspot.com/